论文部分内容阅读
本文探讨了国有风险投资对投资行为与投资效益的影响,得出了以下结论:国有风险投资在投资行为上违背了投资者的初衷,并没有对企业的创新提供帮助;而国有风险投资的投资效益,在股权分置改革前投资期长,成本高,收益低;改革后相反。而研究表明,国有风险投资推迟进入企业的时间能够获得较高的效益,这说明国有风险投资并不符合社会价值假说。
This paper explores the impact of state-owned venture capital on investment behavior and investment returns, and draws the following conclusions: State-owned venture capital investment violates the original intention of investors and does not provide any help to the innovation of enterprises; while the investment of state-owned venture capital Benefit, long investment period before the split share structure reform, high cost, low income; the opposite of the reform. However, studies show that the time available for state-owned venture capital to enter the enterprise can obtain higher benefits, which shows that state-owned venture capital does not meet the social value hypothesis.